Tesla's stock faced a downturn after the company reported lower-than-expected deliveries for the first quarter, signaling potential turbulence for the electric vehicle giant. With 386,810 vehicles delivered globally, Tesla fell short of the anticipated 449,080, despite producing 433,371 vehicles. This underperformance not only represents a sequential decline from Q4's 484,000 deliveries but also a year-over-year decrease from the previous year's 423,000, highlighting the first Q1 annual delivery drop since 2020.

Wedbush analyst Dan Ives described the quarter as a disaster, underscoring the critical moment for Elon Musk and Tesla to rectify this downturn or face more challenging times ahead. Production figures showed a majority in Model 3 and Model Y units, with a noted discrepancy suggesting potential demand issues beyond the production bottlenecks at Tesla's Fremont and Berlin plants.

Amid these challenges, Tesla raised prices for its Model Y in the US and China, possibly indicating further financial strategy shifts to address the declining average selling prices. With first-quarter results pending, the company's recent performance raises concerns over its future trajectory.

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